[ BUSINESS BRIEFS ]

Staff writer, with agencies

Wed, Mar 27, 2013 - Page 14

Shares closed little changed yesterday as the market’s benchmark weighted index traded in a narrow range and gains in electronics shares were offset by declines in old-economy stocks.

The weighted index opened at 7,873.70 and moved between 7,876.68 and 7,845.56 before closing 0.24 points higher at 7,856.36. Turnover was NT$68.23 billion (US$2.28 billion). In all, 2,526 stocks closed up, 2,209 finished down and 466 remained unchanged.

The heavily weighted electronics sector was one of the few winners yesterday, gaining 0.39 percent. However, some old-economy shares lost ground.

Primasia Securities vice president Wang Chao-li (王兆立) said that some volatility and consolidation could be expected in the short term, as volume shrinks and investors remain cautious about chasing prices.

SAS posts large losses

Sino-American Silicon Products Inc (SAS, 中美矽晶), which makes solar wafers, posted losses of NT$2.36 billion for last year as prices declined. In 2011, SAS made a net profit of NT$429 million, the company said yesterday.

The company approved a plan yesterday to arrange NT$4 billion in syndicated bank loans to repay existing bank loans and to replenish cash for its medium-term operation.

SAS also said its foundry subsidiary GlobalWafers Co (環球晶圓) last year made NT$980 million, or NT$3.44 per share. The board of GlobalWafers approved a cash dividend of NT$2.8 per share.

MOF issues new regulations

The Ministry of Finance (MOF) on Monday published regulations for state-invested securities and investment firms after checking their internal auditing procedures, following a recent stock speculation scandal.

The ministry said the chairman and general manager of the firms are banned from serving at the parent company, except on temporary terms. The board of directors should include at least one member from outside the company, such as an expert or an academic, it said.

Should fund managers and their close family members wish to buy stocks, their purchase should be approved by relevant authorities, according to the regulations. A decision on investment targets should be made by at least two staff members, the ministry added.

Internal auditing officials should conduct quarterly checks on the company and report the results to the board of directors, according to the new regulations. The regulations will take effect immediately, the ministry said.

HTC to launch new models

HTC Corp (宏達電) will release two entry-level to mid-range smartphone models in Taiwan soon, as part of its strategy to boost sales volume, two local telecoms operators said yesterday.

Chunghwa Telecom Co (中華電信), the country’s largest mobile service provider, said it will offer the 4.3-inch “HTC Desire P” at about NT$10,900 (US$365), starting next month, while Far Eas-Tone Telecommunications Co (遠傳電信), the third-largest telecoms operator in Taiwan, said it would introduce the 4-inch “HTC Desire Q” early next month at a price of about NT$6,990.

Meanwhile, the new HTC One flagship smartphone has generated strong interest in the US despite a delayed launch date, with “several hundred thousand” orders received to date, HTC president for global sales and marketing Jason Mackenzie said in an e-mail.

NT dollar declines

The New Taiwan dollar closed lower against the US dollar yesterday, declining NT$0.002 to close at NT$29.891.